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Singapore Grants Ripple In-Principle Approval for Digital Asset Services

Singapore Grants Ripple In-Principle Approval for Digital Asset Services

Ripple has received in-principle regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital asset payments and token products in the country. The approval will allow Ripple’s subsidiary, Ripple Markets Asia Pacific, to scale its On-Demand Liquidity service, which helps customers move XRP around the world without the need for banks as intermediaries. Ripple CEO Brad Garlinghouse praised Singapore’s “pragmatic, innovation-first approach” to cryptocurrency-related services, adding that the country will provide a “prominent gateway” for Ripple’s business operations in the Asia Pacific region. Ripple is still awaiting a ruling from the US Securities Exchange Commission on whether it offered XRP as an unregistered security.

Key points:

– Ripple has obtained in-principle regulatory approval from MAS to offer digital asset payments and token products in Singapore.

– The approval will allow Ripple Markets Asia Pacific to scale its On-Demand Liquidity service.

– Ripple CEO Brad Garlinghouse praised Singapore’s “pragmatic, innovation-first approach” to cryptocurrency-related services.

– Ripple is still awaiting a ruling from the US Securities Exchange Commission on whether it offered XRP as an unregistered security.

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